Technical Accounting Consulting

Lease accounting consulting

Lease accounting is experiencing revolutionary changes across all industries

The new ASC 842 standard brings a wide range of implications across most organizations, and will require most operating leases to be reflected on the balance sheet, which by itself is a sizeable task.

The data and systems challenges ASC 842 will bring to companies are significant, and without adequate planning and preparation may be overwhelming. Given the time commitment required to implement the standard and the level of complexity involved, companies should start gathering data, abstracting leases, selecting and implementing technology solutions soon to avoid challenges down the road.

We have strategic relationshipswith several key vendors in the space including:

AMT Direct - performs analysis and transaction management processes which is both GAAP and IFRS-based. Historically a real estate management system with equipment functionality, it specializes in retail, health care and corporations.

Lease Accelerator - performs analysis and transaction management processes which are both GAAP and IFRS-based. Historically an equipment/asset-based platform with real estate functionality.

Depending on your unique needs, we can implement one of these solutions to help with data aggregation, data cleanliness and support that will drive the timeliness and success of the lease data collection effort.

RSM's value

OurTechnology and Management consulting services, combined with our technical accounting capabilities allows us to provide services to help you through the entire scope of meeting the new standard from selecting the right solution through implementation and post go-live support.

We have analyzed the market to determine the capabilities of many solutions currently in the market and in development to meet the 842 requirements as well as handle other components of lease administration.

For global companies, local languages, currencies, systems and regulations can make the implementation process challenging.

An integrated team

RSM has assembled an integrated team comprised of members specializing in technical accounting and technology solutions to assist companies in implementing ASC 842. This multidisciplinary team addresses technology issues, internal controls, income tax effects and technical accounting questions. We also can help companies identify the best technology solution and ensure it is implemented to meet current and future business needs.

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RSM US LLP is a limited liability partnership and the U.S. member firm of RSM International, a global network of independent audit, tax and consulting firms. The member firms of RSM International collaborate to provide services to global clients, but are separate and distinct legal entities that cannot obligate each other. Each member firm is responsible only for its own acts and omissions, and not those of any other party. Visit rsmus.com/aboutus for more information regarding RSM US LLP and RSM International.